Interim report
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poLight ASA Interim Report Quarterly Report Q3 2026
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Quarterly Report Q3 2026 Page 2 of 22 KEY EVENTS IN THE THIRD QUARTER • A third follow-on TLens® purchase order, with a total value of approximately NOK 0.8 million, was received in connection with the same AR|MR customer as announced on 7 April and 20 May 2026 (10 July 2026). • poLight now considers the customer case described above to be a design-in. • Follow-on purchase order for TWedge® Wobulation Technology Technical Samples for AR|MR Use from a Leading Consumer OEM worth approximately NOK 1.2 million (21 September 2026). • Repeat order for barcode application worth approximate NOK 0.6 million, (22 September 2026). • Design-in related to the first industrial humanoid application. An initial smaller purchase order received (24 September 2026). Post Q3 • Post-quarter one new consumer AR|MR case is now defined as design-in; and • a TLens® follow-on purchase order worth approximately NOK 0.5 million for material to be used for final qualification was received by our distributor recently. Dr Øyvind Isaksen, CEO of poLight ASA: “Although poLight’s revenue in the quarter was low, and a fraction down on the same period last year, market activity remains buoyant. This is being driven by maturing consumer-related projects with a strong focus on AR|MR applications. We continue to see our product and technology platform recognised for its key advantages, its ability to address important customer pain points and its potential to enhance the user experience in future AR|MR devices. Several consumer AR|MR cases are maturing, with two cases now also regarded as a design-in. This brings hope that 2026 may become the year in which poLight technology starts shipping in a commercially available consumer AR|MR product. Such a move would represent a major milestone for the company and provide a strong foundation for future growth. Many opportunities and challenges lie ahead, and success will depend on our ability to deliver to customers’ expectations and to continue evolving our solutions and portfolio. To address these challenges and support the opportunities ahead, we are gradually strengthening capacity and capabilities across the organisation. AR|MR is not the only area offering opportunities. We also see attractive potential in the industrial segment. In the longer term, other significant markets, such as healthcare, may also provide opportunities. For the present, however, we remain focused mainly on AR|MR and the industrial segment, in that order of priority. I would like to thank the entire organisation for its excellent work under demanding circumstances. I also extend my sincere gratitude to all our partners, many of whom have supported us for more than a decade, and, not least, to our shareholders. Thank you for your unwavering support.” Key figures (in NOK million) Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Revenue 4.9 5.0 25.4 11.8 20.5 Gross profit 1.6 2.6 13.9 3.7 9.0 EBITDA -28.9 -29.1 -83.8 -83.8 -116.5 EBITDA ex share options -23.4 -21.8 -65.9 -71.9 -98.2 Net cash flows used in operating activities -22.3 -22.0 -58.8 -76.5 -90.8 Net increase/decrease in cash and cash equivalents -19.2 25.1 -59.4 131.4 117.2
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Quarterly Report Q3 2026 Page 3 of 22 INTRODUCTION, MANUFACTURING, PRODUCT DEVELOPMENT AND MARKETS Introduction poLight ASA is a Norwegian company, headquartered in Tønsberg, that has developed a unique tunable optical technology platform. poLight’s TLens® is the first product based on this technology platform that can be implemented in both consumer devices and professional applications. TLens® replicates the lens of the human eye, enabling new user experiences and easing the implementation of autofocus functions in various applications. The technology platform is also well suited wherever beam-steering and optical tilting capabilities are required, e.g. TWedge® – a product under development – used for improving AR|MR display solutions. Manufacturing and operations poLight primarily works with two categories of subcontractors – assembly partners and a MEMS supplier – in addition to various component suppliers. Our MEMS partner supplies the wafer containing the actuators (i.e. “eye muscles”), while our assembly partners assemble the finished product. The polymer (i.e. lens material) is produced at poLight’s headquarters. During the third quarter, deliverables to the AR|MR market accounted for more than 50 per cent of the total revenue generated, while the industrial market made up just over 30 per cent and healthcare around 15 per cent. Activity levels and workloads at our assembly partners are relatively high, due to increased demand, improvement work and continued efforts to establish a TLens® assembly line at Q Tech. MEMS wafers inventory levels are at a conformable level. Work to establish a lead-free MEMS supply remains ongoing. The timing of mass production will, however, depend on technical progress, market demand and current inventory of solgel wafers. Product development/technology TLens®-related activities during the third quarter encompassed reference design concepts (mainly for consumer AR|MR applications), the lead-free TLens® project and a pre-study for the development of a new driver optimised for a lead-free TLens® and for a potential future TWedge® product. In addition, improvement initiatives for the existing TLens® product were carried out in conjunction with customers. With TWedge®, the focus has been on improving and producing technical samples for customers, supporting their evaluation and planning next phases of development. Discussions have been held with some customers to define and potentially participate in the next phase of development. Dialogue with one particular customer made progress during the quarter. With respect to the development of design concepts for AR|MR, the first cameras for the project which was announced on 13 October 2025 were finalised and shipped to the customer towards the end of the quarter. Initial testing showed results in line with expectation. Today’s TLens® is based on MEMS wafers containing a small amount of lead. Although the amount concerned is well within permitted limits, some OEMs prefer not to use products containing any lead at all. Furthermore, it is expected From Gel > MEMS Wafer > TLens® > Camera module > OEM Camera Module PartnersOEM´s Driver ASIC Bare TLens® Packaged TLens® HQ > MEMS Fab > Assembly partner > Module integrator > Assembly partner/ OEM
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Quarterly Report Q3 2026 Page 4 of 22 that the exemption (EU) allowing the MEMS fabs to use pzt will be withdrawn at some point, as alternative materials are developed. To expand poLight´s market opportunities, improve the solution and future-proof poLight solutions, the company has launched a project to replace pzt wafers with an alternative piezo material. Although the programme is complex and has a significant research component, further progress was made during the quarter. It is still too early to judge the outcome with respect to performance and cost efficiency, but initial technical results show possibilities. Markets poLight is actively engaged in several market areas. These include consumer applications, which currently relate primarily to augmented/mixed reality (AR|MR), laptops and other accessories, as well as a wide range of professional applications, such as enterprise AR|MR, barcode/machine vision and scientific products. The company is also monitoring the smartphone, smartwatch, automotive and healthcare markets. Consumer market In the consumer market, activity in the quarter related mainly to AR|MR, as well as some preparatory work relating to laptops and various accessories. On the AR|MR side in general, the level of activity and interest remains high, both with respect to TLens® and TWedge®. TLens® is being evaluated and tested by several important AR|MR market players. The TLens® technology’s low power consumption, insensitivity to gravity, constant field of view (i.e. no pumping/breathing when changing focus), temperature stabilisation (often referred to as athermalisation), high speed and compactness stand out as key technical benefits. It should however be expected that market players will implement various competing autofocus (AF) solutions depending on cost sensitivity and needed specifications. The number of potential consumer-oriented AR|MR opportunities that poLight is exploring has expanded throughout the last few years, with some of the TLens® cases becoming increasingly mature. In general, a growing number of OEMs have started working in this area. Smart glasses (AI glasses) are starting to gain good traction in the market. Currently, these glasses mainly use fixed-focus cameras, but camera specification trends, AI and future use cases may change this situation. Ongoing public debate in some jurisdictions has also addressed concerns about privacy and visual data processing, and certain countries have considered a ban on glasses which can record videos or take pictures, although they may still allow cameras for sensing. During the quarter, three strategically important TLens® purchase orders were received. On 10 July, poLight announced a third mass production purchase order for a consumer AR|MR device, which now is classified as a design-in. This product may be launched to market in the relatively near future. In addition, two OEMs each placed smaller purchase orders, worth approximately NOK 0.5 million, in support of two maturing PoCs. Post-quarter one new consumer AR|MR case is now defined as design-in and a TLens® follow-on purchase order worth approximately NOK 0.5 million for material to be used for final qualification has been received by our distributor recently. With respect to TWedge®, major consumer AR|MR OEMs are continuing to test the prototypes for various applications. In the third quarter, additional purchase orders worth approximately NOK 1.4 million (mainly from one OEM, see press release dated 21 September 2026) were received. This was up from NOK 0.5 million in the previous quarter. Post-quarter, the company was informed that a consumer OEM is processing a follow-on purchase order for TWedge® samples worth approximately NOK 1 million. Through extensive sampling over the past year, poLight has established good market appetite and understanding for various use cases and related specifications and aims to initiate the next development phase when sufficient customer commitment is secured. Some progress has been made during the quarter. Table 1 below illustrates activities in the consumer market segment. A potential TWedge® product is included in the numbers provided in Table 1 for PoCs (seven) and Planning PoCs (one). During the third quarter Planning PoCs decreased by four, the rest remained unchanged.
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Quarterly Report Q3 2026 Page 5 of 22 Table 1 Overview of consumer-related activities, also including AR|MR, for both TLens® and TWedge®. Numbers in () represent Q2-26. Enterprise augmented/mixed reality (AR|MR) Although enterprise cases currently represent a relatively low volume, the exposure poLight’s technology gains through these advanced applications is important for building trust and supporting penetration in the ongoing consumer cases described. The volume in the enterprise market is also expected to increase as technology and applications mature. Table 2 illustrates activities in the AR|MR market segment overall. For comparison, consumer cases (“C”) are also included. As can be seen, most of the AR|MR PoC/Planning PoC cases are consumer-related, which is promising with respect to future volumes. A smaller purchase order related to the announced (31 October 2025) SNKE design-win was received during the quarter. Table 2 Overview of AR|MR related activities. Also includes TWedge®. Numbers in () represent Q2-26. C = consumer Of the above, TWedge® accounts for seven PoCs and one in the Planning PoC stage. AR|MR SmartwatchSmartphoneWebcam
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Quarterly Report Q3 2026 Page 6 of 22 Compared with the previous quarter, the number of Planning PoCs has decreased by three. The rest are unchanged. Industrial/barcode/machine vision The barcode-related order intake in the quarter was approximately NOK 0.8 million, compared with approximately NOK 1.5 million in the previous quarter. The purchase orders are a mix of existing customers already in mass production and new customers in a PoC and design-in stage. Notably, the first design-in for an industrial humanoid application was achieved during the quarter. The iris related design-in and one PoC have been removed due to a lack of progress over several quarters. In the barcode/machine vision market, seven companies represent 26 design-wins, of which 21 products are still shipping. See Table 3 for an overview of activities within the Industrial market segment. As for MLens®, some smaller sample purchase orders were received. Table 3 shows that, compared with the previous quarter, the number of PoCs has increased by one, completed PoCs are up by two (see Table 4), while planning PoCs have decreased by seven. Table 3 Overview of activities in the Industrial market segments (mainly barcode and machine vision, but also some other applications). Numbers in () represent Q2-26. Healthcare The company continues to support selected opportunities in the healthcare market segment. The partnership poLight has developed with the Kavli Institute at the Norwegian University of Science and Technology (NTNU) and the contribution the company has made to the development of the Mini2P microscope1 have led to several similar projects, and three commercial companies are now offering a standard, turnkey Mini2P solution. During the quarter an existing Mini2P customer has designed a standard TLens® into a new system, Mini1P, (1P means one photon). This case is listed as a design-in under healthcare in Table 4. Furthermore, a new potential customer in the same segment placed a smaller purchase order during the quarter. 1 An open-source miniature two-photon microscope brain explorer for fast high-resolution calcium imaging in freely moving mice. Machine Vision Barcode
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Quarterly Report Q3 2026 Page 7 of 22 In addition to Mini2P-related activities, poLight is engaged in some commercial endoscope cases. However, the company does not foresee any commercial breakthrough for this application in the short/medium term, as the market continues to favour low-resolution sensors and there is currently no clear demand for autofocus, although this may evolve over time. Having said that, it should be mentioned that preparation for a potential development of a new endoscope by a commercial company has matured during the quarter, while another company is in the early stages. At the reporting date, the company has four design-wins (all related to Mini2P), one design-in (up from zero) and four ongoing PoCs (one less in the previous quarter). Purchase orders from this segment were insignificant during the quarter. Automotive There was no activity related to Automotive during the third quarter, and two Planning PoCs were removed. Going forward, this market segment may generate a demand for autofocus/athermalisation, and TLens® is one of the potential solutions. The market is potentially significant but will most likely require a TLens® with a bigger aperture. Table 4 summarises activities in the various segments compared with the previous quarter (in parentheses). Table 4 Overview of customer-related activities in the various segments. Numbers in () represent Q2-26. *Healthcare: All (nine) university-related ongoing PoC activities have been removed from the overview.
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Quarterly Report Q3 2026 Page 8 of 22 FINANCIAL REVIEW Profit and loss (in NOK million) Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Revenue 4.9 5.0 25.4 11.8 20.5 Cost of goods sold -2.1 -1.4 -6.8 -2.6 -3.5 Change in obsolescence provision -1.2 -0.9 -4.7 -5.5 -8.0 Gross profit 1.6 2.6 13.9 3.7 9.0 Research and development expenses1 -11.4 -12.3 -32.8 -34.5 -49.1 Sales and marketing expenses -5.9 -5.1 -20.6 -14.8 -20.1 Operational / supply chain expenses -7.6 -6.5 -25.3 -19.2 -28.5 Administrative expenses -5.7 -7.7 -19.0 -19.0 -27.9 EBITDA -28.9 -29.1 -83.8 -83.8 -116.5 Share option plan expense 2.1 6.1 8.2 11.0 15.2 Accrued employer’s NICs re. share option plan 3.4 1.2 9.7 0.9 3.1 EBITDA ex share options -23.4 -21.8 -65.9 -71.9 -98.2 Depreciation and amortisation -1.0 -2.7 -6.0 -8.0 -10.6 EBIT ex share options -24.4 -24.5 -71.9 -79.9 -108.8 1) Net of soft funding (see details of grants in Note 9) Q3 2026 (Figures for Q3 2025 are shown in parentheses) Revenue totalled NOK 4.9 million in Q3 2026 (NOK 5.0 million), which reflects deliveries of TLensÒ and materials to customer development projects. The cost of goods sold (COGS) came to NOK 2.1 million (NOK 1.4 million). Combined with the provision for inventory obsolescence of NOK 1.2 million (NOK 0.9 million), this resulted in a gross profit for the period of NOK 1.6 million (NOK 2.6 million). To account for the risk of aging inventory, poLight applies a general policy for determining provisions for inventory obsolescence based on the age of individual items. A provision of 10 per cent is recognised for each year the inventory ages. From time to time, specific inventory has also been written down further in circumstances where value impairment of that inventory is considered higher than the rules-based approach. R&D expenditure, net of soft funding, amounted to NOK 11.4 million (NOK 12.3 million). The main reason for the NOK 0.9 million lower R&D expenses compared to Q3 2025, is external costs that were NOK 1.0 million higher in the corresponding quarter last year. R&D-related personnel expenses in the quarter were NOK 0.3 million higher compared with Q3 2025. This was despite technical support activities relating to the integration of TLens® in customer development projects being transferred from within the R&D function to dedicated activities in the company’s sales and marketing function. This previously reported organisational change went into effect on 1 January 2026. Recognised soft funding was NOK 0.3 million higher, while other R&D and travel costs were NOK 0.4 million lower than in the corresponding quarter last year. Sales and marketing expenses totalled NOK 5.9 million (NOK 5.1 million), reflecting a rise in personnel costs of NOK 0.5 million and an increase in external costs of NOK 0.3 million. The rise in personnel costs under sales and marketing is mainly attributable to change in business organisation of pre-sales customer development support, as described under R&D expenditure. Operations/supply chain expenses totalled NOK 7.6 million (NOK 6.5 million). Personnel-related expenses and travel expenses were, respectively, NOK 0.4 million and NOK 0.3 million higher than in the same quarter last year. Other costs were NOK 0.5 million higher than in Q3 2025. This was slightly offset by a NOK 0.2 million increase in soft funding.
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Quarterly Report Q3 2026 Page 9 of 22 Administrative expenses came in at NOK 5.7 million (NOK 7.7 million), a reduction of NOK 2.0 million. Personnel-related and share option expenses were down by NOK 1.0 million combined, while other expenses were also NOK 1.0 million lower. EBITDA came to NOK -28.9 million in Q3 2026 (NOK -29.1 million). The relatively unchanged EBITDA reflects a slight decrease in operational expenses of NOK 1.2 million, partly offset by a reduction in gross margin of NOK 1.0 million. Share option plan expenses including employer’s national insurance contributions (NICs) amounted to NOK 5.5 million in Q3 2026 (NOK 7.3 million). The decrease is attributable to the degressive vesting profile of share options, which causes a higher recognised expense in the first periods, with a correspondingly lower expense in later periods. However, this was offset by an increased accrual for employer’s NICs of NOK 2.2 million as a consequence of the higher share price during the quarter. Depreciation totalled NOK 1.0 million in the quarter, NOK 1.7 million below the level in Q3 2025.
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Quarterly Report Q3 2026 Page 10 of 22 Balance sheet (in NOK million) Q3 2026 Q3 2025 FY 2025 Property, plant and equipment 13.8 9.0 8.7 Intangible assets 0.0 4.9 3.0 Right-of-use assets 9.2 9.5 10.1 Inventories 45.1 54.8 53.5 Receivables and prepayments 20.7 13.8 13.5 Cash and cash equivalents 224.6 298.2 284.0 Total assets 313.4 390.1 372.8 Total equity 272.0 367.1 339.2 Total current liabilities 32.1 13.6 23.6 Total non-current liabilities 9.3 9.4 10.0 Total equity and liabilities 313.4 390.1 372.8 As at 30 September 2026, total assets came to NOK 313.4 million, compared with NOK 372.8 million as at 31 December 2025. Property, plant and equipment totalled NOK 13.8 million as at 30 September 2026, NOK 4.8 million up on the same date in 2025. This mainly reflects investments in R&D equipment at headquarters and equipment related to testing. As in the previous reporting period, intangible assets have zero value after the final amortisation was made in Q2 2026 of the historically capitalised intangible assets related to TLens Silver. This compares to NOK 4.9 million as at 30 September 2025. This reflects the final stage of the intangible assets’ amortisation profile. At period-end, right-of-use assets amounted to NOK 9.2 million, compared with NOK 9.5 million as at 30 September 2025. Inventories decreased by NOK 1.9 million during the third quarter 2026 to close at NOK 45.1 million. The decrease was attributable to a NOK 1.2 million higher provision for obsolescence as well as COGS of NOK 2.1 million, offset by a NOK 1.4 million increase in inventory based on assembled goods. The total provision for inventory obsolescence amounted to NOK 34.8 million at the close of the quarter (NOK 30.1 million as at 31 December 2025). As at 30 September 2026, poLight had cash and cash equivalents totalling NOK 224.6 million, compared with NOK 298.2 million at the same date in 2025 and NOK 284.0 million as at 31 December 2025. The decrease in cash is explained by negative net cash flows, particularly from operations, as described under the cash flow section. Total current liabilities amounted to NOK 32.1 million as at 30 September 2026, compared with NOK 13.6 million as at 30 September 2025 and NOK 23.6 million as at 31 December 2025. The increase was attributable to increased accrued employer’s NICs on the share option plan that was NOK 13.3 million as at 30 September 2026, compared with NOK 1.4 million as at 30 September 2025 and NOK 3.6 million as at 31 December 2025.
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Quarterly Report Q3 2026 Page 11 of 22 Cash flows (in NOK million) Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Net cash flows used in operating activities -22.3 -22.0 -58.8 -76.5 -90.8 Net cash flows used in investing activities -2.5 -1.0 -7.4 -1.2 -1.6 Net cash flows from/(used in) financing activities 5.8 48.1 7.1 209.3 209.7 Effect of exchange rate changes on cash and cash equivalents -0.2 0.0 -0.2 -0.1 0.0 Net increase/decrease in cash and cash equivalents -19.2 25.1 -59.4 131.4 117.2 Q3 2026 The net cash outflow from operating activities totalled NOK 22.3 million in the third quarter 2026 (outflow of NOK 22.0 million in Q3 2025). The mostly unchanged cash outflow is attributable to working capital changes, offset by a higher net loss in the reporting quarter after adjusting for non-cash items. During the quarter, NOK 2.5 million (NOK 1.0 million) was invested in new test equipment, as well as lab equipment for R&D. Net cash inflow from financing activities totalled NOK 5.8 million, reflecting a share issue in connection with the exercise of share options during the reporting period, compared with a net cash inflow of NOK 48.1 million in Q3 2025, reflecting the subsequent offering that closed in July 2025. Net cash and cash equivalents decreased by NOK 19.2 million in the quarter, compared with a net increase of NOK 25.1 million in the same period in 2025, primarily due to the subsequent offering of Q3 2025.
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Quarterly Report Q3 2026 Page 12 of 22 RISK FACTORS poLight does not have any operations, customers or direct suppliers in Russia or Ukraine. The war in Ukraine has therefore not had any direct consequences of significance for the Group’s operations, other than the general impact of the war on the global situation. The same goes for the war in Iran and the heightened tension in the Middle East. The conflict between Israel, the USA and several other countries in the region does not affect poLight’s operations, suppliers or customers other than through its impact on global stability in general. The impact of changing tariffs on global trade is being closely monitored to assess both the direct and indirect risks this poses for the Group’s operations. At the time of writing this report, it is still uncertain how the increased tariffs, particularly between China and the USA, will affect poLight’s operations. While the direct impact is limited, both the instability in energy supplies caused by the conflict over control of the Strait of Hormuz and unpredictable tariff changes could disrupt the value chains and operating costs of US OEMs, given that many camera module manufacturers are located in China. It may also create some uncertainty regarding future growth, particularly in the US consumer market, and impact the speed of adoption of new technology. poLight’s main area of endeavour is currently the AR|MR market segment. Over the past year, public debate about AI-enabled all-day smart glasses has intensified, particularly with regard to privacy concerns and how visual data is processed and stored. Some jurisdictions have discussed introducing a ban on AR/AI glasses with cameras that can record video and take pictures, while cameras for sensing may still be allowed. poLight maintains an open dialogue with Tier 1 players in the market regarding any potential limitations to growth this debate could yield. However, the feedback we have received so far is that cameras are generally considered desirable by many consumers and that cameras solely for sensing may also require autofocus. The Group’s TLens® technology and products derived from this technology are involved in different qualification tests for various applications by potential customers. There is no guarantee that the TLens® products (or other products produced by the Group) will meet the various parameters set by potential customers (e.g. aperture size, optical power, size, non-lead content etc.), or by parties testing the Group’s products at a later time. If the Group’s products do not meet such parameters, the Group may be required to implement changes to its products or may not be able to enter into commercial agreements with potential customers. Any requirement to implement changes to the Group’s products may involve a delay in the commercialisation of the Group’s technology and may also entail significant costs that may not be recovered. Furthermore, there is no guarantee that changes to the Group’s products will be sufficient to satisfy the demands of the Group’s potential customers. Failure to enter into commercial agreements will have a material adverse effect on the Group’s revenues, profitability and financial position. To protect its intellectual property rights (IPR), poLight relies on a combination of patents, copyright and trademark laws, trade secrets, confidentiality procedures and contractual provisions. IPR constitutes one of poLight’s key assets strategically and poLight actively seeks to protect its products and technologies in the markets and geographic regions in which it operates, and elsewhere as deemed relevant. In its use of IPR, poLight faces several risks. For example, third parties may illegally copy or utilise poLight’s IPR, third parties may (with or without merit) claim that poLight’s use of IPR infringes the IPR of that third party, or the IPR of others may limit poLight’s freedom to operate. Over the next 12 months, the Group’s principal source of liquidity will remain cash generated from financing, equity and/or debt, in addition to net cash flows generated from sales. These consolidated financial statements have therefore been prepared on the assumption that both the Group and the parent company are going concerns, and management confirms that this an appropriate assumption.
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Quarterly Report Q3 2026 Page 13 of 22 OUTLOOK poLight’s outlook remains positive, particularly within the AR|MR segment, where several TLens® consumer PoCs are maturing and two case is now regarded as a design-in with one of them expected to be released in the relatively near future. This represents a major milestone and could mark an important step towards higher-volume opportunities in the AR|MR market. Autofocus capability appears to be on the roadmap for several AR|MR players, with an increasing number of OEMs indicating this direction. Performance requirements and cost sensitivity will determine which autofocus solutions are selected, and multiple approaches are likely to coexist. Interest in TWedge® remains strong. A small number of OEMs are testing and qualifying TWedge® for potential use in future AR|MR display solutions. The target remains to bring this technology to market in close cooperation with selected OEMs, and to secure NRE funding over and above income from selling samples. To fully capture the opportunities in poLight’s expanding landscape, it will be essential to continue investing in customer engagement and support, innovation, strategic partnerships and organisational development. These efforts will increase operational costs, but are necessary to build long-term shareholder value by strengthening poLight’s position as a leader in next-generation optical solutions across multiple market segments, with particular emphasis on AR|MR. FORWARD-LOOKING STATEMENTS This report contains statements regarding the future. In particular, the “Outlook” section contains forward-looking statements regarding the Group’s expectations. All statements regarding the future are subject to inherent risks and uncertainties, and many factors can lead to actual results and developments deviating substantially from what has been expressed or implied in such statements. These factors include the risk factors relating to the Group’s activities described in the section “Risk factors” above and in poLight’s Annual Report for 2025, including the section “Risks and risk management” in the Board of Directors’ Report. poLight ASA Tønsberg, 29 October 2026 Grethe Viksaas (sign) Chair, Independent Svenn-Tore Larsen (sign) Board member, Independent Jean-Christophe Eloy (sign) Board member, Independent Marianne Bøe (sign) Board member, Independent Cathrine Wiig Ore (sign) Board member, Independent Chris Liu (sign) Board member Richard Fan (sign) Board member Dr Øyvind Isaksen (sign) Chief Executive Officer
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Quarterly Report Q3 2026 Page 14 of 22 CONDENSED INTERIM FINANCIAL STATEMENTS Interim condensed consolidated statement of income NOK 000 Note Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Sale of goods 4 859 4 998 17 486 11 571 19 370 Rendering of services 0 0 7 946 264 1 114 Revenue 4 859 4 998 25 432 11 835 20 484 Cost of goods sold -2 068 -1 444 -6 790 -2 584 -3 504 Change in obsolescence provision -1 173 -911 -4 700 -5 540 -8 013 Gross profit 1 618 2 643 13 942 3 712 8 967 Research and development expenses net of government grants 6,9 -11 442 -12 343 -32 784 -34 453 -49 070 Sales and marketing expenses -5 867 -5 122 -20 578 -14 768 -20 092 Operational / supply chain expenses -7 553 -6 542 -25 346 -19 214 -28 472 Administrative expenses -5 667 -7 696 -19 011 -19 036 -27 855 Operating result before depreciation and amortisation (EBITDA) -28 911 -29 060 -83 777 -83 760 -116 522 Depreciation and amortisation 8 -979 -2 655 -5 967 -7 990 -10 628 Operating result (EBIT) -29 890 -31 715 -89 744 -91 749 -127 150 Net financial items 7 1 727 3 318 6 767 6 373 9 096 Loss before tax -28 163 -28 397 -82 977 -85 377 -118 054 Income tax expense 0 0 5 -31 -207 Loss for the period -28 163 -28 397 -82 972 -85 407 -118 261 Attributable to: Equity holders of the parent -28 163 -28 397 -82 972 -85 407 -118 261 Earnings per share: Basic, attributable to ordinary equity holders of the parent (NOK) 2 -0.13 -0.13 -0.39 -0.52 -0.67 Diluted, attributable to ordinary equity holders of the parent (NOK) 2 -0.13 -0.13 -0.39 -0.52 -0.67
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Quarterly Report Q3 2026 Page 15 of 22 Interim consolidated statement of other comprehensive income NOK 000 Note Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Loss for the period -28,163 -28,397 -82,972 -85,407 -118,261 Other comprehensive income Exchange differences on translation of foreign operations 22 -25 -120 -145 -107 Income tax effect 0 0 0 0 0 Net other comprehensive income to be reclassified to profit or loss in subsequent periods 22 -25 -120 -145 -107 Total comprehensive income for the period, net of tax -28,141 -28,422 -83,092 -85,552 -118,368 Attributable to: Equity holders of the parent -28,141 -28,422 -83,092 -85,552 -118,368
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Quarterly Report Q3 2026 Page 16 of 22 Interim consolidated statement of financial position (balance sheet) NOK 000 Note Q3 2026 Q3 2025 2025-12-31 ASSETS Property, plant and equipment 13,821 8,996 8,683 Intangible assets 8 0 4,850 3,031 Right-of-use assets 9,243 9,466 10,091 Total non-current assets 23,064 23,312 21,805 Inventories 45,055 54,807 53,515 Trade and other receivables 9 18,424 11,260 9,991 Prepayments 2,314 2,534 3,484 Cash and cash equivalents 224,585 298,180 283,981 Total current assets 290,378 366,781 350,971 Total assets 313,442 390,093 372,776 EQUITY AND LIABILITIES Share capital 8,598 8,503 8,511 Share premium 333,513 428,857 325,907 Reserves 1,209 1,291 1,329 Retained earnings -71,312 -71,546 3,466 Total equity 272,008 367,104 339,213 Interest-bearing loans and borrowings 268 326 311 Lease liabilities 9,052 9,076 9,687 Total non-current liabilities 9,320 9,402 9,998 Trade and other payables 10 30,219 11,819 21,725 Interest-bearing loans and borrowings 57 57 57 Current lease liabilities 838 710 783 Provisions 1,000 1,000 1,000 Total current liabilities 32,114 13,586 23,565 Total liabilities 41,434 22,988 33,563 Total equity and liabilities 313,442 390,093 372,776
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Quarterly Report Q3 2026 Page 17 of 22 Interim consolidated statement of changes in equity Attributable to equity holders of the parent NOK 000 Note Share capital Share premium Retained earnings Translation reserve Total As at 1 January 2025 5,185 222,373 2,889 1,436 231,882 Loss for the period -85,407 -85,407 Other comprehensive income -145 -145 Total comprehensive income 0 0 -85,407 -145 -85,552 Issue of ordinary shares 3,315 219,595 222,910 Share options exercised 3 258 261 Transaction costs -13,369 -13,368 Equity-settled share-based remuneration 10,972 10,973 Allocation to retained earnings 0 0 Prior period errors 0 As at 30 September 2025 8,503 428,857 -71,546 1,291 367,104 As at 1 January 2026 8,511 325,907 3,466 1,329 339,213 Loss for the period -82,972 -82,972 Other comprehensive income -120 -120 Total comprehensive income 0 0 -82,972 -120 -83,092 Share options exercised 87 7,606 7,693 Equity-settled share-based remuneration 8,194 8,194 As at 30 September 2026 8,598 333,513 -71,312 1,209 272,008
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Quarterly Report Q3 2026 Page 18 of 22 Interim consolidated statement of cash flows NOK 000 Note Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Operating activities Profit / loss (-) before tax -28,163 -28,397 -82,977 -85,377 -118,054 Adjustments for: Depreciation of property, plant and equipment and right-of-use assets 979 836 2,936 2,533 3,352 Amortisation of intangible assets 8 0 1,819 3,031 5,456 7,275 Net finance income -1,727 -3,318 -6,767 -6,373 -9,096 Equity-settled share-based payments 2,109 6,086 8,196 10,973 15,225 Gain on disposal of property, plant and equipment 0 0 0 -28 -8 Other non-cash items 453 3,296 6,863 5,437 -227 Changes in unrealised net foreign exchange rate differences/fluctuations 214 -9 108 -10 -116 Changes in working capital: Increase (-) in trade and other receivables and prepayments -2,215 -4,320 -4,652 -9,159 -8,384 Decrease (+) in inventories 1,989 2,078 8,460 7,624 8,916 Increase (+) in trade and other payables 10 3,821 -1,394 8,494 -2,297 7,609 Changes in provisions and government grants 9 -1,043 1,314 -2,611 -6,222 -6,677 Interest received 7 1,554 289 840 1,713 10,510 Interest paid 7 -235 -231 -722 -705 -965 Income tax paid 0 0 5 -31 -207 Net cash flows used in operating activities -22,264 -21,951 -58,797 -76,464 -90,847 Investing activities Proceeds from sale of property, plant and equipment 0 0 0 28 45 Purchase of property, plant and equipment -2,549 -997 -7,439 -1,268 -1,681 Net cash flows used in investing activities -2,549 -997 -7,438 -1,241 -1,636 Financing activities Proceeds from issuance of ordinary shares 0 51,441 0 222,910 222,910 Proceeds from exercise of share options 6,059 261 7,692 261 941 Transaction costs on issue of shares 0 -3,430 0 -13,369 -13,376 Payment of lease liabilities -198 -168 -580 -492 -714 Repayment of borrowings -15 -14 -45 -43 -58 Net cash flows from/(used in) financing activities 5,846 48,090 7,067 209,268 209,703 Net increase/decrease in cash and cash equivalents -18,967 25,142 -59,168 131,563 117,220 Effect of exchange rate changes on cash and cash equivalents -192 -16 -228 -135 9 Cash and cash equivalents at the start of the period 243,744 273,054 283,981 166,752 166,752 Cash and cash equivalents at the close of the period 224,585 298,180 224,585 298,180 283,981
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Quarterly Report Q3 2026 Page 19 of 22 Notes to the condensed interim consolidated financial statements 1 General poLight ASA is a public limited liability company. It was founded in 2005 and is incorporated and domiciled in Norway. The address of its registered office is Kjelleveien 21A, 3125 Tønsberg, Norway. poLight offers a patented, proprietary tunable optics technology, starting with its first product, TLens® which replicates "the human eye" experience in autofocus cameras used in devices such as smartphones, wearables, barcode scanners, machine vision systems and various types of medical equipment. poLight's TLens® enables better system performance and new user experiences on the back of benefits such as extremely fast focus, small footprint, no magnetic interference, low power consumption and a constant field of view. poLight is based in Tønsberg, Norway, with employees in Finland, France, the UK, the USA, China, Taiwan, Japan and the Philippines. For more information, please visit https://www.polight.com. 2 Basis of preparation The interim condensed consolidated financial statements for the third quarter ended 30 September 2026 are unaudited and have been prepared in accordance with IAS 34. These interim condensed consolidated financial statements do not include all the information required for the Group’s full annual financial statements and should be read in conjunction with the consolidated financial statements for 2025. These interim consolidated financial statements have been prepared on a historical cost basis, are presented in Norwegian kroner (NOK) and all values are rounded to the nearest thousand (NOK 000), except when otherwise indicated. The reported year-to-date earnings per share has been corrected. The following adjustment has been made: Earnings per share: Reported Q2 2026 Adjusted Q2 2026 Adjustment Basic, attributable to ordinary equity holders of the parent (NOK) -0.27 -0.15 0.12 Diluted, attributable to ordinary equity holders of the parent (NOK) -0.27 -0.15 0.12 3 Accounting policies The accounting policies adopted in the preparation of these interim condensed consolidated financial statements are consistent with the consolidated financial statements for the year ended 31 December 2025. 4 Significant accounting judgements, estimates and assumptions Management makes accounting judgements relating to development costs. Key significant estimates are made regarding impairment of intangible assets, inventory obsolescence and the accounting treatment of share option plans, described in the consolidated financial statements for the year ended 31 December 2025. 5 Specification of operating expenses by nature (in NOK 000) Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Employee benefits expense 1) 22,235 23,579 71,230 64,485 92,702 Depreciation and amortisation 979 2,655 5,967 7,990 10,628 Other operating expenses 8,294 8,124 26,489 22,986 32,787 Total operating expenses 31,508 34,358 103,686 95,461 136,117 1) Including consultants engaged on long-term contracts
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Quarterly Report Q3 2026 Page 20 of 22 6 Research and development expenses net of governmental grants Prior to 1 January 2026, technical support activities related to customer development projects for the integration of TLens® were organised within the R&D function. This organisation reflected the significant value generated through close collaboration with customers, providing important insights into the integration of TLens® and supporting the continued development and refinement of the technology. As the number of customer integration projects increased and the integration process became more standardised and repetitive, the technical support activities became less development-oriented and more closely aligned with customer implementation and commercial support. Consequently, effective from 1 January 2026, poLight established dedicated technical support activities within its sales and marketing function. As a result, the majority of customer-facing technical support is now performed within the Sales & Marketing Department. (in NOK 000) Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Employee 2) benefits expense 8,358 7,594 21,090 22,348 31,605 Other operating expenses 3,952 5,294 13,243 13,854 19,670 Government grants -868 -545 -1,549 -1,750 -2,205 Total 11,442 12,343 32,784 34,453 49,070 1) Including consultants engaged on long-term contracts 7 Financial items (in NOK 000) Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Net foreign exchange gain (loss) -639 1 -701 115 -424 Interest income 2,645 3,557 8,237 6,981 10,510 Interest expense on debts and borrowings -1 -1 -2 -3 -4 Interest expense on lease liabilities -236 -230 -722 -701 -961 Financial expenses -42 -9 -53 -19 -26 Net financial items 1,727 3,318 6,766 6,373 9,096 8 Intangible assets (in NOK 000) Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 At the start of the period 0 6,668 3,031 10,306 10,306 Amortisation 0 -1,818 -3,031 -5,455 -7,274 At the close of the period 0 4,850 0 4,850 3,031 poLight’s operations constitute one single cash generating unit (CGU) for impairment assessment purposes, the TLens® technology platform. Indicators of impairment of the TLens® technology have been assessed, and none identified. 9 Government grants (in NOK 000) Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Net receivables at the start of the period 3,861 3,150 2,292 1,946 1,946 Grants received 0 -1,859 0 -1,859 -1,859 Grants earned 1,043 545 2,611 1,750 2,205 Net receivables at the close of the period 4,904 1,836 4,904 1,837 2,292
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Quarterly Report Q3 2026 Page 21 of 22 10 Trade and other payables (in NOK 000) Q3 2026 Q3 2025 FY 2025 Trade payables 5,184 4,115 8,345 Other payables 3) 11,722 6,298 9,740 Accrued employer’s NICs on share option plan 13,313 1,406 3,642 At the close of the period 30,219 11,819 21,725 2) Accrued employer’s NICs on salary, withholding taxes and accruals for incurred expenses 11 Related party transactions poLight ASA is the ultimate parent company. None of the shareholders of poLight ASA have control of the company. As at 30 September 2026, the largest shareholder was Q Technology (Group) Company Limited, which owned 29.66 per cent of the company’s outstanding shares. Intercompany agreements are entered into with all Group subsidiaries. All sales by the subsidiaries are made to the parent company. All transactions are performed on an arm’s length basis. Further, and as announced on 15 April 2025, Q Tech is establishing a dedicated TLens® assembly and test line pursuant to the Strategic Partnership Agreement. poLight has allocated test equipment which has been shipped to Q Tech's premises. As would be the case for any new assembly and test line, significant efforts have been made by poLight to support Q Tech in establishing the assembly line and getting it qualified for mass production. As of the reporting date, Q Tech has been invoiced USD 491,803 through poLight’s distributor recognised as “rendering of services”. No direct transactions have been made with other related parties during the relevant financial period. However, although not a related party transaction, some TLens® components were delivered to Q Tech at commercial terms via poLight’s distributor in the first quarter of 2026. 12 Events after the reporting date No significant events have occurred after the reporting date that have a material effect on the financial statements. ALTERNATIVE PERFORMANCE MEASURES (APMS) poLight uses the following alternative performance measures for interim and annual financial reporting, in order to provide a better understanding of the Group’s underlying financial performance: EBITDA Earnings before interest, taxes, depreciation and amortisation EBITDA ex share options EBITDA excluding share option plan expense incl. changes in accrued employer’s NICs EBIT Earnings before interest and taxes EBIT ex share options EBIT excluding share option plan expense incl. changes in accrued employer’s NICs
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Quarterly Report Q3 2026 Page 22 of 22 poLight ASA Kjelleveien 21A 3125 Tønsberg, Norway Email: info@polight.com